HeartWare International Inc. (NSDQ:HTWR) closed a $143 million debt offering and announced the sale of $81.3 million worth of its stock by an investment firm.
The Framingham, Mass.-based cardiac assist firm said it sold $143.8 million worth of the convertible senior notes, including $18.8 million in an over-allotment purchased by underwriter J.P. Morgan Securities LLC. The notes will bear interest at 3.5 percent a year per annum and will mature Dec. 15, 2017.
HeartWare said it plans to use the proceeds from the offering for "expansion of its manufacturing capabilities and/or licensing of or investment in complementary products, technologies or businesses," according to a press release.
HTWR shares were trading at $85.65 in mid-day activity, down 0.1 percent.
Despite increased losses, HeartWare’s third quarter sales almost doubled. The company reported a net loss of $7.8 million, or 57 cents per share, on sales of $13.8 million for the three months ended Sept. 30. That compares with net losses of $5.9 million, or 60 cents per share, on sales of $7.5 million during the same period last year.